According to the Central Bank of Nigeria report titled, ‘Deposit Money Bank’s sectoral allocation of credit’, bank loans to the government have risen by 22.59 percent, hitting N2.17tn as of the end of September 2021.

This is a N400bn increase within the nine-month period from N1.77tn recorded in December 2020. 

According to the figures, bank loans to the government rose from N1.88tn as of the end of March 2021 to N2.03tn in June 2021, and N2.12tn in August 2021.

The report further showed that the DMBs’ total loans to the private sector stood at N22.8tn as of September, 2021.

The data also showed the amounts of bank loans to other sectors such as industries, agriculture, mining and quarrying, manufacturing, oil and gas, power and energy. Other sectors include construction, trade and general commerce.

The CBN figures also revealed bank loans to the real estate sector, finance, insurance and capital market.

Other sectors include education, oil and gas, power and energy, information and communication, transportation and storage and other general businesses.

The Governor, Central Bank of Nigeria, Godwin Emefiele, had said the banking sector would increase access to finance and credit for households in 2022.

“The policy focus of the bank for 2022 is with a pledge to sustain improved access to finance and credit for households and businesses, mobilise investment to boost domestic productivity, enable faster growth of non-oil exports, and support employment generating activities,” he said.